First Time doing a Cost Roll Up

I have read the on line help but still confused on how this works.

I first want to update my Purchased Part by taking my last cost and
moving it to my standard.

Then I want to roll up those new standard purchase parts into the MFG
Parts. Using the Costs in my Resources for Labor and Burden.

Does anyone have an easy step by step process of how do to do this.
Also when it asks for Effective Date that means the date that these
changes take place..even if I process them a head of time.

I want them to be effective as of 12/31/06 or 01/01/ every you
look at it..

Any help would be appreciated..Nothing like cost updates for the
first time to get you frustrated and upset during the holdiday Season

Marty Rogers
Modern Industries